Ray G. Young
Executive Vice President and Chief Financial Officer at Archer-Daniels-Midland
Yeah, thanks, Juan. Good morning, good afternoon, everyone. Slide 6 please. The Ag Services and Oilseeds team capped off really a truly impressive year, successfully navigating through supply chain challenges to deliver results largely in line with the extremely strong prior year quarter. The Ag Services team performed well in an environment of continued strong global demand, including significantly increased export volumes for customers outside of China. Global trade was substantially higher year-over-year, driven by solid risk management and improved results in global ocean freight. Overall, Ag Services delivered strong results, just slightly off the outstanding fourth quarter of 2020 when we benefit from exceptionally high export margins.
Crushing executed well in a continued solid demand environment for both soybean meal and vegetable oil. Lower results in EMEAI versus a very strong fourth quarter of 2020 and approximately $250 million in net negative timing impacts versus negative $125 million in the prior year quarter drove overall results lower year-over-year. The majority of those negative timing effects are expected to reverse in the first half of 2022. Refined Products and other team delivered substantially higher results versus the prior year period, driven by strong volumes and margins in North America for refined oils and improved biodiesel margins in North America and EMEAI, which more than offset weaker South American results due to the reduced biodiesel mandate. Equity earnings from Wilmar were higher year-over-year. Looking ahead, we expect a strong first quarter from Ag Services and Oilseeds, higher than the first quarter of 2021 and in line with the just ended fourth quarter.
Slide 7 please. Carbohydrate Solutions fourth quarter results were more than double the prior year quarter. In Starches and Sweeteners subsegment, including ethanol production from our wet mills, results were were lower versus the fourth quarter of 2020, driven by higher input costs, including energy costs in EMEAI, as well as lower wheat milling volumes, partially offset by continued strong ethanol margins. Volumes for North America sweeteners and starches were largely flat year-over-year. Vantage Corn Processors results were again substantially higher year-over-year, driven by historically strong industry ethanol margins as a result of strong demand relative to supply, as well as increased sales volumes due to production at the two dry mills that were idle in the previous year period. As we look ahead, we believe the first quarter for Carbohydrate Solutions should be similar to or slightly above the strong first quarter of 2021.
Slide 8 please. The Nutrition business closed out a year of consistent and strong growth with fourth quarter revenues 19% higher year-over-year, 21% on a constant currency basis with 26% higher profits year-over-year and sustained strong EBITDA margins. Human Nutrition had a great fourth quarter with revenue growth of 21% on a constant currency basis and a substantially higher profit. Flavors continued its growth trajectory, driven primarily by improved product mix in EMEAI and continued strong performance from North America, partially offset by weaker APAC results. In Specialty Ingredients, overall profits for the fourth quarter were in line with the year ago period, as strong demand for plant-based proteins offset the impact of onetime insurance proceeds in the fourth quarter of 2020. Health & Wellness was higher versus the prior year quarter as the business continued to deliver growing profits in bioactives and fermentation.
Animal Nutrition revenue was up 21% on a constant currency basis and operating profit was much higher year-over-year, driven primarily by continued strength in amino acids. Now looking ahead, we expect Nutrition to continue to grow operating profits at a 15% plus rate for calendar year 2022, with the first quarter similar to the first quarter of 2021, with continued revenue growth, offset by some higher costs upfront in the year in the absence of the one-time benefits we saw in the first quarter of the prior year.
Slide 9 please. Now let me finish up with a few observations from the other segment, as well as some of the corporate line items. Other Business results were substantially higher, driven primarily by higher Captive Insurance underwriting results as the prior year quarter included larger intra-company insurance settlements. For calendar year 2022, we expect Other Business results to be similar to 2021, although for the first quarter we expect a loss of about $25 million due to insurance settlements currently planned.
Net interest expense increased year-over-year on higher short-term borrowings. In the corporate lines, un-allocated corporate costs of $276 million were lower year-over-year due primarily to increased variable performance related compensation expense accruals in the prior year, partially offset by higher IT offering and project related costs and transfers of costs from business segments into the centralized centers of excellence in supply chain and operations. We anticipate calendar year 2022 total corporate costs including net interest, corporate unallocated, and other corporate to be in line with the $1.2 billion area consistent with what I discussed at Global Investor Day, with net interest roughly similar, corporate unallocated a bit higher and corporate other a bit lower.
The effective tax rate for the fourth quarter of 2021 was approximately 21% compared to 8% in the prior year. The calendar year of 2021 effective tax rate was approximately 17%, up from 5% in 2020. The increase for the calendar year was due primarily to changes in geographic mix of earnings and current year discrete tax items, primarily valuation allowance and return to provision adjustments. Looking ahead, we're expecting full-year 2022 effective tax rate to be in the range of 16% to 19%. Our balance sheet remains solid with a net debt to total capital ratio of about 28% and available liquidity of about $9 billion.
With that, let me turn it back to Juan. Juan?
